Taxation of Chargeable Gains Act 1992 (c. 12)

Part V U.K. Transfer of business assets[F1 , entrepreneurs' relief and investors' relief]

Textual Amendments

F1 Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)

Chapter I U.K. [F2 Transfer of business assets:] General provisions

Textual Amendments

F2 Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)

Replacement of business assets U.K.

[F3 159A Disposals of interests in UK land by non-residents: roll-over relief U.K.

(1) This section applies in a case where—

(a) the old assets that are disposed of are interests in UK land, and

(b) a chargeable gain accruing on the disposal would (apart from section 152) be within the charge to tax because of section 1A(3)(b) or 2B(4)(a).

(2) Section 152 applies only if the new assets that are acquired are interests in UK land.

(3) In this section—

(a) “interest in UK land” has the meaning given by section 1C,

(b) “the old assets” and “the new assets” have the same meaning as in section 152,

(c) any reference to a disposal of the old assets includes a disposal of an interest in them,

(d) the reference to the acquisition of the new assets includes the acquisition of an interest in them or entering into an unconditional contract for their acquisition.]

Textual Amendments

F3 S. 159A substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 53